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Radical proposals for special administrative-economic zones

Van Don in ​Quang Ninh ​province is a special administrative-economic section that is approaching to see sea changes underneath a due new law (Photo: qtv.vn)

HCM City (VNA) – The
abolition of people’s councils, needing casinos to be set adult and allowing
foreign investors to franchise land for 99 years are among a categorical supplies of a
proposed new law to oversee a 3 special administrative-economic zones in Vietnam.

Speaking
at a 2017 MA Forum organized in HCM City on Aug 10 by a Vietnam Investment
Review, Minister of Planning and Investment Nguyen Chi Dung pronounced a Special
Administrative Economic Zone Law is approaching to emanate a correct authorised framework
for a 3 zones in Van Don (Quang Ninh Province), Van Phong (Khanh Hoa
Province) and Phu Quoc (Kien Giang).

It aims to emanate a new development
model with breakthrough policies and mechanisms meant to urge a investment
environment and make Vietnam rival in attracting investment.

The
zones will usually have an executive cabinet and no people’s council, and
the people’s council’s purpose associated to legislation and investigation would be
taken over by provincial authorities, he said.

“To
effectively work these special zones, we should mislay nonessential and
inappropriate levels of special mercantile zones,” a apportion said.

The
ministry has also due augmenting a limit land franchise reign to 99 years
from a stream 50-75, and permitting the
zones to have casinos.

Dung
said a zones have been determined to rise certain vital industries
based on their geographic conditions.

For
instance, Van Phong is a best place to rise a movement pier in Vietnam and
can rise logistics while Van Don has good intensity in healthcare,
education and biology, he said.

All
three would acquire industries with high value-addition, that would be
identified for investment and announced soon, he said.

The
bill would be tabled in a National Assembly for approval, according to Dung.

The residence will cruise their
provisions associated to favoured diagnosis for investors in terms of
currency, land, manpower, taxation and others.

Businesses are due to be given a
tax waiver for 4 years, taxation cuts for 30 some-more years, low land rents and
flexible work policies.

Van Phong covers an area of 66,000
hectares and is approaching to turn an general heart for sea transport,
finance, tourism, medicine and education.

The 3 zones are approaching to
contribute billions of dollars to a economy from 2020, and suffer normal per
capita income of 12,000-13,000 USD by 2030.

The method pronounced building a zones
has turn an obligatory charge given in a final 25 years, other models like
industrial zones, estimate zones, mercantile zones and hi-tech parks have not
been amply flexible.

Besides, a stream models are not
attractive adequate for unfamiliar investors and face shortcomings associated to
administrative procedures and bad tellurian resources.

Since 1942, many countries have
successfully grown special mercantile zones, special executive zones,
freedom cities and smart, industrial and hi-tech cities.

Vietnam’s special executive and
economic zones would have certain effects on beside countries too, the
ministry said.-VNA

Article source: http://en.vietnamplus.vn/radical-proposals-for-special-administrativeeconomic-zones/116228.vnp

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